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healthyone · Joined: 30 Jun 2009 Posts: 1 1.34 Dollars($)

I own a home and boyfriend, who is separated (not legally, yet), owns a home with his wife who still resides there. We want to live together and both need the interest write-off. What's our best option? For us to rent/sell our places and put it toward buying or renting a place?

jenkin7 · Posted: Tue Jun 30, 2009 10:53 pm Post subject:

Hi healthyone,

If you and your boyfriend want to write off the mortgage interest, both of you should be on the loan. If your boyfriend wants to keep his home, he can buy out his wife's share of the property and get a quitclaim deed signed by her. He can then refinance the property in both his as well as your name. If he wants to purchase a new home, he can sell off/ rent this house and use the money to purchase a new home.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 535 5.38 Dollars($)

Hi healthyone,

Welcome to our forum.

You & your boyfriend's name must have on loan Papers. One option is, As jenkin says he can buy his wife's share to get total ownership of property & quite claim property to remove her name from property & refinance loan on his & your name. Then he can sell or rent this house for collect money to buy new house.

Second option is He can sell his property share to his wife & he can get money for new house. Then his wife is responsible as home owner.

Then your boyfriends preference to choose option.

Thanks & Rgerads.

gunz.ijjistaff.
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robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.33 Dollars($)

what is your interest? does he want to continue with the property or not? pl specify

millerja9 · Joined: 19 Jun 2009 Posts: 106 4.14 Dollars($)

I will suggest go with mutual understanding.
Just talk with him and resolve the issue that will be bestter option than go for legal matters.

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